Many of my clients have found that rather than investing in one vacation rental in one place they have more fun simply buying in the LTR sector. 

Your thinking must align with the travelers, and often experienced-based thinking will take you much further than value based.So, let's say you are looking to enter the STR market and don't know what to look for in a winning home. 

Simply put, there are a lot more co-hosts/managers like myself and yourself who got started self-managing their own properties around covid and are now afraid or unwilling to buy new properties at current prices/rates, but want to use their knowledge/experience to keep increasing income in the space. 

Despite what anyone else may say, unfortunately, $5k is simply not enough to acquire an investment property.

Saying there are three people living there when only one is on the lease is good to know, but hard to prove; getting video documentation of three people consistently entering/exiting the property substantially alleviates that difficulty.During your due diligence process, you probably obtained a copy of the existing tenant's lease to review.  

Would simply owning these properties through an LLC (with an associated business account) be enough to benefit from this? 

At the end of the day, everyones ultimate goal is to become the bank and simply lend out a pile of money and collect a return rather than having to do the grunt work of making these assets perform.

Hiring a new PM is not going to fix this I'm afraid, because it's simply a math problem.

And if it did happen, the lender will simply fix the "botched paperwork" and proceed, A lawsuit will cost your friend $25,000 plus paying the arrears on the loan with no guarantee of success.

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